TALLAHASSEE, Fla.—Governor Ron DeSantis announced that Florida’s real Gross Domestic Product (GDP) grew by 21.9 percent from the first quarter of 2019 to the first quarter of 2024, nearly double the national growth rate of 11.1 percent during the same period. Florida's annual GDP stands at nearly $1.3 trillion, and the state continues to lead in new business formations with over 3 million since 2019 and more than 266,000 formed already in 2024.
“With yet another major economic milestone like this, Florida demonstrates to the nation that leadership matters,” said Governor DeSantis. “Our responsible governance and fiscal constraint mean our state economy has significantly outperformed the national economy, with nearly double the GDP growth rate.”
“Under Governor DeSantis’ strategic investments in workforce education, infrastructure, and financial readiness, Florida continues to outperform the nation across all metrics, including real GDP and private sector job growth,” stated Florida Secretary of Commerce J. Alex Kelly. “With the nation’s number one economy, Florida is the most business-friendly state and the best place for families and communities to live, work, and thrive.”
Florida’s private sector job growth rate surpassed the national rate with a 2.2 percent increase (+192,000) compared to a national rate of 1.6 percent. In May 2024, construction gained the most jobs among major industries with an addition of 5,500 jobs (+0.8 percent), followed by education and health services adding 2,700 jobs (+0.2 percent).
Job creators continue to show confidence in Florida’s economic ecosystem through their investments in high-skill, high-wage jobs. The state offers numerous workforce education and development opportunities for job seekers to gain necessary skills for a competitive job market.
Florida’s statewide unemployment rate was steady at 3.3 percent in May 2024—unchanged from April—and remained below the national rate which increased to 4 percent. The state's unemployment rate has been lower than the national average for 43 consecutive months.
Data from May indicates ample job opportunities with more than 397,000 positions posted online for Floridians seeking employment or new opportunities through CareerSource Florida network services.
To view regional May 2024 jobs reports:
- Fort Lauderdale
- Jacksonville
- Miami
- Orlando
- Pensacola
- Southwest Florida
- Tampa
- West Palm Beach
For more information on labor market data visit Florida Insight or view employment data provided by FloridaCommerce.
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